Many entities receive a high volume of communications relating to payments and payments themselves. The communication and/or payments may be received in various forms, including but not limited to paper checks, credit card payments, electronic funds transfers (“EFT”) and automated clearing house payments. The payments may also be received at different locations.
Conventionally, in order to reconcile the payments with the corresponding invoices, employees were hired to review the payments and reconcile the payments with outstanding invoices. Reconciliation of the payments with the invoices may be time consuming because many times the payments do not include precise corresponding information to any specific invoice.
Therefore, the need exists for a search utility. The search utility may retrieve accounts receivable information. The search utility may enable a system user to search for invoice information, payment information or any other suitable information. A system user may be a business entity, corporation, establishment, organization, non-profit organization, firm, institution, or any other suitable entity which may require assistance with its accounts receivables. The system user may be also be an employee, volunteer, business owner, or any other suitable person who may manage accounts receivables of an entity. The search utility may display invoice information which may correspond to a payment, even if the payment does not have precise correspondence with the invoice. This may enable a system user to easily and efficiently reconcile the system user's accounts receivables.
The search utility may aggregate all of the payment information from disparate databases into one inclusive database. This may enable the search utility to retrieve the information in a quick and efficient manner.